Sharing insights since 2007 on carefully saving money, investing, frugal living, coupons, promo codes because the little things matter in achieving financial freedom!
I live in California, and house prices are insanely high here. That’s part of the reason why many people downsize their homes when they retire.
In fact, we bought our house recently from a family who did just that. The husband was retiring and with two kids going to college, the previously one income family decided to sell their home and move to San Diego, where the cost of living is slightly lower and the weather is even more pleasant than where we are currently.
Their decision could turn out to be a home run financially. First, they will get a big lump sum that can be used to generate passive income. Second, their property tax bill will be at least half, if not become a third of what it was. Third, they’ll also lower their other monthly expenses like their water bill or even spend less eating out. [ continue reading… ]
For many of us, the library is not a place we remember anymore. If I ask my friends right now about it, they would not even know where one is located. Some might not even be able to guarantee that one exists. I conducted a survey at the front door of the grocery store where a library was located within walking distance and got the following results.
Last Time You Went to The Library
Within the last 12 months: 15.7%
Within the last 5 years but longer than 12 months: 7.8%
According to The Principal Financial Well-Being Index, retirement planning is on the rise in America.
The survey points out that only 28% of workers aren’t planning for retirement, which is a drop from 32% in the previous quarter. This news indicates that more American workers are making efforts to plan for retirement.
One of the commonly accepted indicators of financial success in our society is homeownership, but it’s not necessary to buy a home just to reflect financial success. For many people, it can make more sense to rent a home. After all, whether home buying is the best choice for you largely depends on your goals, and your lifestyle preferences.
So how do you figure out whether renting is better than buying?
Does Home Ownership Fit Your Lifestyle?
The first thing to ask yourself is whether or not buying a home fits your lifestyle. We often look at life and financial milestones as a series of boxes that need to be checked: Go to school, get a job, get married, have kids, buy a house, and get a dog. However, you don’t necessarily have to do all of those things, let alone in any particular order. Homeownership has long been an indication that you’d “made it” in terms of a certain level of success, but it doesn’t have to be that way.
Consider your personal preferences and lifestyle. Are you going to stay in one place for decades? Many people move when they find a job with better prospects (and pay). If you are stuck with a house you need to sell, it’s much harder to uproot the whole family and chase that new career.
And even if you are willing to struggle through the hassle of selling a home, it can still be costly. [ continue reading… ]
Common sense finance should be easy, right? But it’s not. Human nature and our inherent weaknesses cause us to make serious, expensive financial mistakes. What are the most basic, yet also the most important financial tips that we would want our kids to follow? Some of these tips are painfully obvious, and we’ve included them here, but many of us still ignore them. You’re very welcome to add your own of course, in the comments section! [ continue reading… ]
Part of good financial management is making decisions based on your priorities, and understanding how a purchase or a spending decision will benefit your life.
Before you spend money on a product, service, or experience, it’s a good idea to consider what you will gain by making the spending decision. Spending money can be a positive experience when done with a focus on what you can gain as a result of your spending decision. Here are a few things to consider:
Is It Something Your Family Values?
First of all, you need to decide if it is something your family values. Do you enjoy making memories on vacation? Do you spend time playing video games together? What do you enjoy doing together? If the purchase will help you spend more time doing what you like to do together, it is probably worth the expenditure. Make sure that the purchase is in line with your personal and family values for the best results. [ continue reading… ]
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